Barceló and Nicaragua to go to arbitration
The state of Nicaragua is suing Grupo Barceló for 30 million dollars, in a process that will go for arbitration before the International Center for Settling Differences Relative to Investments.
Thursday, June 26, 2008
Although Barceló threatened to take the case to the international settlement center weeks ago, in the end it was the State of Nicaragua that took the initiative on arbitration.
Executives from the Grupo Barceló repeated this Thursday that they owe nothing to the State of Nicaragua and refused to make further comments on the lawsuit presented by the government.
The Spanish consortium Barceló, owner of Hotel Montelimar in Managua, wants to resolve its differences with the government through international arbitration.
Nicaragua's Attorney-General's department advised that it has started a legal process to bring about the return of the Montelimar tourist complex, due to alleged non-fulfillment of the contract.
After a year of negotiations, the government of Nicaragua decided to drop its lawsuit against the Spanish consortium.
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